Zero sum lives on
The era of zero sum deals on credit cards may not be dead yet, new research has claimed.
Despite reports of major banks closing ranks against Britain's card-switching 'rate tarts', card provider Egg claims there are still a number of competitors prepared to use the zero per cent offer to lure in new customers.
Rachel Roe of Egg disputed claims by HSBC and Halifax that switching was costing companies millions.
'People presume that everyone is switching,' she commented, 'but we find the majority of customers do stay.
She admitted these are 'not great times for the credit card industry', but said the reason was not so much customer trends as the simple reality of increased competition, forcing the sector to introduce balance transfer fees to recoup costs.
Ms. Roe said those with outstanding balances would still benefit by switching to a zero per cent deal, even after paying the balance transfer fee: 'If you do the number crunching it works out that you will be much better off,' she said.
With a wide range of strong deals still out there, consumers would be advised to track down the most accurate information on credit card offers by looking online. | 
